Reserve Bank to review its payment systems

Release date
28 November 2013

The Reserve Bank is reviewing the NZClear and ESAS high value settlement systems that it owns and operates, in anticipation of substantial upgrades in the next 2 - 4 years.

The Bank has appointed Ernst and Young to assist with the review, and to develop a strategy for the development of payment and settlement services.

"The last significant upgrade to the application software for ESAS and NZClear was six years ago, and technology has changed markedly since then," Reserve Bank Chief Financial Officer Mike Wolyncewicz said today.

The Bank will assess market requirements, consider alternatives for service delivery, and seek input from users. It will then develop a strategy to ensure that settlement systems remain fit for purpose.

"Through Ernst and Young, the Bank will be consulting with ESAS account holders, NZClear members and industry bodies, early in 2014."

The scope of the review will include an assessment of industry trends and requirements, international trends, the range of payments and settlement services the Bank provides and will need to provide in the future, and how those services are best delivered.

Background information:

Media Contact:
Angus Barclay, Communications Adviser
Phone (04) 471 3698 or 027 337 1102, [email protected]